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Mr Phillips takes the children down to the bank’s basement level vault, where the cash is stored. While they watch the money being counted, Mr Phillips explains how the banking system works.
Curator’s notes
This would have been a pretty exciting excursion for the children in the film. In pre-television days, the vault in the central branch of a major bank would seldom have been seen by members of the public, other than in cops 'n’ robbers flicks.
Mr Phillips gives a succinct explanation, illustrated by footage, of the place of the children’s savings within the banking system. He then goes on to describe the role of the banking system within the national economy. The Commonwealth Bank was fundamental to Australia’s postwar economic expansion. Legislation in 1945 had confirmed the central banking control of the CBA, and consolidated its role in regulating and maintaining the stability of the currency, the economy, employment and welfare. Influenced by Keynesian economic theory, the government of the day made special provision for the Commonwealth Bank to fund the development of housing and industry. In addition the CBA acted as the banker and financial agent for the Commonwealth Government. As the postwar population increased and spread throughout the country, hundreds of new Commonwealth Bank branches and agencies were established.
